Don’ get too excited: New York’s always been less affordable than the rest of the country and has lagged in its correction. But in many parts of the United States, home values are starting to look attractive on at least one historical measure—in relation to per capita income. You have a big debt overhang problem, but you don’t have a house price problem anymore, said Robert J. Barbera, the chief economist of ITG, an advisory firm. Of course, that still doesn’t mean anything for guy who makes $200,000 and wants to buy a house on Remsen Street.
Housing Market’s Upside: Affordability [NY Times]